The Hong Kong Exchange Bitcoin Index Series represents a significant advancement in digital asset benchmarking, offering institutional and retail investors a transparent, reliable, and Asia-focused reference for Bitcoin pricing. Developed through a strategic collaboration between HKEX and leading data provider CCData, this index series delivers real-time and daily benchmarks rooted in rigorous methodology and robust governance.
Designed specifically for the Asian market, these indices cater to growing demand for credible cryptocurrency valuation tools that align with regional trading hours and regulatory expectations. As virtual assets continue to gain traction in mainstream finance, having standardized references like the HKEX Bitcoin indices becomes essential for product development, risk management, and investment decision-making.
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Key Components of the HKEX Bitcoin Index Series
The index series comprises two primary benchmarks:
- HKEX Bitcoin Reference Index – A real-time, 24-hour volume-weighted average price (VWAP) that updates nearly every second.
- HKEX Bitcoin Reference Rate (BRR) – A daily reference rate calculated at 4:00 PM Hong Kong time.
Both indices are denominated in U.S. dollars and serve distinct purposes across financial applications such as ETFs, derivatives, and performance tracking.
Core Features and Advantages
What sets the HKEX Bitcoin Index Series apart is its commitment to transparency, accuracy, and market relevance:
- Rules-Based Methodology: Ensures consistency and replicability, enabling users to understand how prices are derived.
- Multi-Exchange Data Aggregation: Pulls spot price data from a curated list of representative virtual asset exchanges, reducing single-source bias.
- Asia-Centric Timing: Calculations align with Hong Kong trading hours, making it highly relevant for investors in APAC regions.
- Robust Governance Framework: Oversight includes periodic reviews of constituent exchanges to maintain data integrity.
- Independent Administration: CCData, a globally recognized virtual asset data and index provider, acts as the index administrator and calculation agent.
These features make the HKEX indices ideal for financial institutions looking to launch regulated crypto-linked products or benchmark portfolios against a credible standard.
Index Specifications at a Glance
HKEX Bitcoin Reference Index
- Index Type: Real-time index
- Launch Date: November 15, 2024
- Base Date: December 31, 2016
- Currency: USD
- Closing Time: 4:00 PM HKT
- Publication Frequency: Near real-time (approximately every second)
Ticker Symbols:
- Bloomberg: HKEXBTC
- Refinitiv: .HKEXBTC
HKEX Bitcoin Reference Rate (BRR)
- Index Type: Daily index
- Launch Date: November 15, 2024
- Base Date: December 31, 2016
- Currency: USD
- Closing Time: 4:00 PM HKT
- Publication Frequency: Once per day
Ticker Symbols:
- Bloomberg: HKEXBRR
- Refinitiv: .HKEXBRR
This dual-index structure allows for both intraday monitoring and end-of-day settlement needs—crucial for derivatives pricing, fund valuation, and audit compliance.
Governance and Data Integrity
To ensure reliability, the index relies on a strict governance model. The selection of contributing exchanges undergoes regular review:
- Quarterly Inclusion Reviews: Assess new exchange candidates based on liquidity, security, and operational transparency.
- Semiannual Constituent Exchange Reviews: Evaluate ongoing eligibility using predefined criteria such as trading volume, market depth, and anti-manipulation controls.
Recent announcements include:
- Semiannual Review Results (May 26, 2025)
- Quarterly Inclusion Results (February 24, 2025)
These updates reinforce the index’s adaptability to evolving market conditions and help maintain high data quality standards.
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Use Cases and Market Applications
The HKEX Bitcoin Index Series supports a wide range of financial applications:
For Product Issuers
- Basis for launching Bitcoin ETFs, structured notes, and other regulated investment vehicles.
- Enables creation of derivative contracts with clear settlement mechanisms.
For Institutional Investors
- Provides a verifiable benchmark for portfolio valuation and performance reporting.
- Facilitates risk modeling and exposure analysis in multi-asset strategies.
For Regulators and Auditors
- Offers an auditable, transparent pricing source compliant with international standards.
- Supports oversight of crypto-related financial products traded in Hong Kong markets.
With increasing interest in digital asset integration within traditional finance, indices like those from HKEX bridge the gap between innovation and compliance.
Available Resources
Comprehensive documentation is available to support users:
- Index Methodology – Detailed explanation of calculation rules and exchange selection criteria (English only).
- Factsheet – Summary of key metrics and use cases (English only).
- Introduction Leaflet – Overview of the broader HKEX Virtual Asset Index Series (English only).
- HKEX Virtual Asset Index Series Brochure – In-depth look at product potential and ecosystem alignment (English only).
These materials are essential for developers, analysts, and financial engineers building solutions around the index.
Frequently Asked Questions (FAQ)
Q: What is the difference between the HKEX Bitcoin Reference Index and the Reference Rate?
A: The Reference Index is a real-time, continuously updated volume-weighted price. The Reference Rate is a once-daily fixing at 4:00 PM HKT, similar to traditional benchmark rates.
Q: Why was December 31, 2016 chosen as the base date?
A: This date aligns with historical availability of reliable Bitcoin market data across multiple exchanges, ensuring consistent back-testing and long-term performance analysis.
Q: How are constituent exchanges selected?
A: Exchanges are evaluated based on liquidity, trading volume, security practices, regulatory standing, and resistance to manipulation. Selection is reviewed quarterly and semiannually.
Q: Can I use the index for derivative settlement?
A: Yes, the daily Reference Rate is designed specifically for use in financial contracts requiring a verifiable closing price.
Q: Who calculates the index values?
A: CCData serves as the independent index administrator and calculation agent, ensuring objectivity and technical precision.
Q: Is the data available outside Hong Kong?
A: Yes, the index is globally accessible via major financial data platforms like Bloomberg and Refinitiv.
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Contact Information
For inquiries regarding the HKEX Bitcoin Index Series or related services, please contact:
[email protected]
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